The Law Library Staff prepares "Research Frequently Asked Questions" (FAQs) for the convenience of our users to provide access to a variety of sources addressing particular points of law. These are general legal information sources, and are not to be construed as a substitute for personal legal advice from an attorney. Please seek legal counsel to help you determine the applicability of any of the information in these resources to your specific situation. The Law Library makes no recommendation as to whether you should purchase any services offered by the websites contained in this FAQ.
Statutes:
When repossessing an automobile, the creditor is subject to the requirements
set out in the Uniform Commercial Code, Ohio Revised Code Sections 1309.601 to 1309.709.
See especially:
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R.C. 1309.609: A secured creditor may take possession of an automobile or other loan collateral without a court proceeding if it acts without breach of the peace.
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R.C. 1309.610: The secured creditor can sell or otherwise dispose the automobile, if the disposal is performed in a commercially reasonable manner.
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R.C. 1309.611, 1309.612, 1309.614: After the debtor defaults on the loan, and before the car is sold, the creditor must notify the debtor that it intends to sell or otherwise dispose of the car.
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R.C. 1309.624: The debtor may waive notice.
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R.C. 1309.615, 1309.616: Discusses what happens if the amount received from the sale of the auto is more or less than the amount of the debt.
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R.C. 1309.623: A debtor can get the automobile back before the creditor disposes of it or enters into a contract for its disposition, if the debtor pays off the loan plus reasonable expenses and attorney's fees.
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R.C. 1309.625: Lists debtor's remedies if the creditor does not comply with the Revised Code.
The above statutes were recently enacted and went into effect on June 21,
2001. For a legislative service commission analysis of the statute enacting
these changes See: LSC
Analysis: 124 Senate Bill 74 starting at page 82.
Articles
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Ohio State Bar Article: Ohio's Credit Laws: "What If I Can't Make the Payments?"
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Ohio State Bar Association: Know Your Repossession Rights.
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Federal Trade Commission Facts for Consumers: Vehicle Repossession.
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The 'Lectric Law Library': Vehicle Repossession.
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Nolo: Repossession: What Creditors Can and Can't Take.
Other Materials
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Ohio Consumer Law / [sponsored by] Legal Aid Society of Cleveland. KFO230 .O35 (Cleveland, Ohio: - Banks-Baldwin Law Pub Co.).
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Anderson's Ohio Consumer Law KFO230 .T73 (Newark, N.J. : LexisNexis, Matthew Bender).